NEW YORK and TAMPA, Fla.,
March 26, 2020 /PRNewswire/ --
Advance announced today that it has entered into a definitive stock
purchase agreement with Wanda Sports Group Company Limited (NASDAQ:
WSG) to acquire The IRONMAN Group in an all-cash
transaction.
The IRONMAN Group and its portfolio of assets, which includes
its flagship IRONMAN® and IRONMAN® 70.3® triathlons, the Rock 'n'
Roll Marathon Series®, and the Epic Series® of mountain biking
races, among other events, makes up the largest mass participation
sports platform in the world. From a single race on O'ahu, Hawai`i
in 1978, The IRONMAN Group has owned, organized, promoted, and
licensed endurance events for over 40 years, which now consists of
more than 235 events in over 50 countries, across triathlon,
running, trail running, cycling and mountain biking. Each year over
one million international athletes participate in an IRONMAN Group
race.
Advance is committed to the future of The IRONMAN Group and
believes in the long-term strength of its well-recognized brands
and the dedication of its athletes, communities, employees and
fans. Advance is a private, family-owned business that invests in a
broad range of media and technology companies.
Orkila Capital ("Orkila") will co-invest in The IRONMAN Group
and Jesse Du Bey, Managing Partner
of Orkila, will rejoin its Board of Directors alongside Advance and
Andrew Messick, President and CEO of
The IRONMAN Group. Orkila is a growth equity firm focused on
investments in the media, entertainment and consumer sectors.
Du Bey, previously a Managing
Director at Providence Equity Partners, led that firm's 2008
investment in The IRONMAN Group.
"Today is an important milestone for The IRONMAN Group. We are
pleased with this partnership, which is a testament to Advance's
belief in the company," said Andrew
Messick, CEO of The IRONMAN Group. "We remain confident in
our future; our focus and objectives are unchanged; and we are
ready to face the opportunities and challenges ahead. Together with
Advance and Orkila, we will navigate through the turbulent and
uncertain period in front of us and continue to deliver the
exceptional experiences for which we're known. I'm also thrilled to
welcome Jesse Du Bey back to the
Board of Directors of The IRONMAN Group." Messick continued, "We
thank Wanda Sports Group for its support over the past four years
and are proud of what we have accomplished together. We look
forward to continuing our work in China with Wanda Sports Group in the coming
years."
"We are pleased to welcome The IRONMAN Group to the Advance
family of companies," said Janine
Shelffo, Chief Strategy and Development Officer at Advance.
"The core IRONMAN Group values of endurance and perseverance
resonate strongly at Advance, a one hundred year-old business that
has differentiated itself through long-term focus and commitment.
We are delighted to partner with Andrew and his executive
team as they plan to resume exceptional race experiences for their
passionate athletes, and to support the long-term growth of the
business. We're also pleased to join forces with Orkila and are
grateful for the invaluable experience with The IRONMAN Group that
they bring to our partnership."
"I look forward to this new chapter with The IRONMAN Group.
Since I last worked with Andrew and his team, the company has
experienced significant growth in its global triathlon event
footprint and has successfully expanded into new areas such as
running, trail running and mountain biking," said Jesse Du
Bey, Managing Partner of Orkila. "I am thrilled that Orkila is
partnering with Advance, Andrew and The IRONMAN Group to help build
this great family of brands into the future."
As part of the transaction, Wanda Sports Group will continue to
operate the IRONMAN® and IRONMAN® 70.3® triathlon series, Rock 'n'
Roll Marathon Series® and Epic Series® of off-road mountain bike
races in China under an exclusive
license agreement.
The transaction has no financing condition and is subject to
customary regulatory approvals, with closing anticipated in the
second quarter of 2020.
Advance was advised by BofA Securities and Sullivan &
Cromwell LLP. The IRONMAN Group and Wanda Sports Group were advised
by Credit Suisse and Reed Smith LLP.
Media Contacts
The IRONMAN Group
Dan
Berglund
dan.berglund@ironman.com | 813-868-3731
Advance/Orkila
Naomi
Tudhope
ntudhope@advance.com | 212-286-5641
About The IRONMAN Group
The IRONMAN Group operates a global portfolio of events that
includes the IRONMAN® Triathlon Series, the IRONMAN® 70.3®
Triathlon Series, the IRONMAN® VR™ Series, 5150™ Triathlon Series,
the Rock 'n' Roll Marathon Series®, IRONKIDS®, ITU World Triathlon
Series, premier running events including the Standard Chartered
Singapore Marathon™ and The Sun-Herald City2Surf® presented by
Westpac, Ultra-Trail® World Tour events including Tarawera Ultra
and Ultra-Trail Australia™, mountain bike races including the Absa
Cape Epic®, road cycling events, and other multisport races. The
IRONMAN Group is the largest operator of mass participation sports
in the world and provides more than a million participants annually
the benefits of endurance sports through the company's vast
offerings. Since the inception of the iconic IRONMAN® brand and its
first event in 1978, athletes have proven that ANYTHING IS
POSSIBLE® by crossing finish lines around the world. Beginning as a
single race, The IRONMAN Group has grown to become a global
sensation with more than 235 events across 50+ countries. For more
information, visit www.ironman.com.
About Advance
Advance is a private, family-owned business that owns, operates
and invests in companies spanning media, entertainment, technology,
communications, education and other promising growth sectors. Our
mission is to build the value of our companies over the long-term
by fostering growth and innovation. Advance's portfolio includes
Condé Nast, Advance Local, Stage Entertainment, American City
Business Journals, Leaders Group, Turnitin, 1010data and Pop.
Together these operating companies employ more than 15,000 people
in 19 countries. Advance is also among the largest shareholders in
Charter Communications, Discovery and Reddit. For more information
visit www.advance.com.
About Orkila
Orkila Capital LLC ("Orkila") was formed in 2013, by
Jesse Du Bey and Taylor Storms, to pursue proprietary and
compelling growth equity investment opportunities in the consumer,
media and entertainment sectors. Orkila invests in leading
companies at the forefront of evolving market opportunities,
including Mikkeller, Recognition Media (The Webby Awards), Antares
Audio Technologies (Auto-Tune), Omnipollo and Bellator MMA.
Additionally, the Principals of Orkila co-founded Crash Line
Productions (Boston Calling Music Festival, Eaux Claires Music
& Arts Festival and others) as well as sourced and helped
execute the 2008 purchase of World Triathlon Corporation (IRONMAN)
on behalf of their prior firm. With over 30 years of experience,
the Principals of Orkila seek to leverage their deep industry
knowledge and relationships to focus on growth platforms with
differentiated brands, IP or content. Orkila manages approximately
$500 million of capital across three
private equity funds and several Special Purpose Vehicles. For more
information visit www.orkilacapital.com.
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SOURCE Advance